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QUESTION 5 The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town of Crystal Lake according to the average income of the tourists visiting. Price of TShirt Quantity:r of Tshirts Quantity of TShirts demanded when the demanded when the average tourist income is average tourist income is $20,000 530,000 $5 2,400 4,200 56 1,600 3,000 57 sec 1 800 1. Using the midpoint method, calculate the price elasticity of demand when the price of a T-shirt rises from $5 to $6 and the average tourist income is $20,000. Also calculate it when the average tourist income is $30,000. (10 marks) 2. Using the midpoint method, calculate the income elasticity of demand when the price of a T-shirt is $4 and the average tourist income increases from $20,000 to $30,000. Also calculate it when the price is $7. (10 marks) TOTAL MARKS - 20